Prepare an income statement for the month of june

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Reference no: EM131812266

Nancy Terceck started a delievery service,Tercek Delieveries,on june 1,2017. The following transaction occur during the month of june.

June 1. Stock holder invested $10,000 cas in business in exchange for common stock .

2. purchased used van for delieveries for $14,000. Nancy paid $2,000 cash and signed a note payable for the ramaining balance

3. paid $500 for office rent for the month

5. performed $4800 of service on account

9. declared and paid $300 in cash dividends

12. purchased supplies for $150 on account

15. received a cash payment of $1250 for service performed on june 5

17. purchased gasoline for $1000 on account

20. Received cash payment of $1500 for service performed

23. Made a cash payment of $500 on the note payable

26.paid $250 for utilities

29. paid for the gasoline purchased on the account on june 17.

30. paid $1,000 for employee salaries

a. Show the effects of the previous transaction on the account ing equation using otal assets of $25,800 . prepare a table analysis using the following column headings: cash,account receivable,supplies,equipments,account payable,common stock,retain earnings with separate column for revenues,expenses,dividends.Including margin explanation changes in retain earnings. Revenue is called Service Revenue

b. Prepare an income statement for the month of june if net income is$4,500

c. Prepare a balance sheet at june 30,2017, given cash at hand at $8,100

Reference no: EM131812266

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